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Act for the Common Council of the Issuer to conduct certain pro- <br />ceedings and adopt certain legislation prior to the issuance of <br />such Economic Development Revenue Bonds; and <br />WHEREAS, it is the desire of the Issuer that the increased <br />number of jobs and employment opportunity and diversification of <br />industry resulting from the Facility be provided at the earliest <br />date possible and that the benefit to the economic welfare in the <br />area of the Issuer produced by such construction and installation <br />occur at the earliest possible time; <br />W I T N E S S E T H: <br />1. The Company shall immediately commence the construc- <br />tion and installation of the Facility, which will improve the <br />economic welfare of the Issuer and State of Indiana, as well as <br />provide additional jobs and employment opportunities and diversi- <br />fication of industry and the Company will provide, or cause to be <br />provided, at its own expense, the necessary interim financing to <br />permit such construction and installation to commence immediately. <br />Upon the issuance of the Bonds, the Issuer will enter into an <br />agreement (the "Financing Agreement ") with respect to the Project <br />and the financing therefor with the Company. The Financing Agree- <br />ment shall contain such terms and conditions as provided or permitted <br />under the Act and desired by the purchaser of the Bonds; provided, <br />however, that the Financing Agreement shall require payments <br />sufficient to pay the principal of and premium, if any, and <br />interest on the Bonds. In order to secure the payment of the <br />principal of, and premium, if any, and interest on the Bonds, the <br />parties hereto agree that the real estate interest to the Facility <br />will be conveyed to the City of South Bend and will be subject to <br />a mortgage in favor of the holder of the Bonds with such terms <br />and conditions as may be proivded or permitted under the Act. The <br />Issue shall not have any financial responsibility with respect to <br />the Bonds or the Project except from the revenues and receipts <br />derived by the Issuer with respect to the Bonds, the Financing <br />-2- <br />